Onetime mall favorite Express files for bankruptcy as its officewear crashes into the hybrid-work world [Fortune]
Simon Property Group, Inc. (SPG)
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Source: Fortune
The company also plans to close about 100 stores, it said in court filings, including all 12 UpWorth stores. Closing sales at these locations are set to begin Tuesday. Beyond these closures, Express said that it “expects to conduct business as usual.” The chain, which also owns the Bonobos brand, listed $1.2 billion in liabilities and $1.3 billion in assets. Also on Monday, Express announced it received a non-binding letter of intent from WHP Group, mall operator Simon Property Group , and Brookfield Properties to purchase most of its stores and operations. Express said the bankruptcy filing would “facilitate the sale process.” The company said that it had received a commitment for $35 million in new financing, which is subject to court approval, from some existing lenders. That would add to the $49 million in cash that Express obtained earlier this month from the Internal Revenue Service related to the pandemic-era CARES Act. In a prepared statement, Express CEO Stewart Gle
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SPG
Earnings
- 2/5/24 - Beat
SPG
Sec Filings
- 4/3/24 - Form 4
- 4/3/24 - Form 4
- 4/3/24 - Form 4
- SPG's page on the SEC website